In 2010, over 2 million people ages 65 and older received SSI benefits.
Supplemental Security Income (SSI) is a federally funded program run by the Social Security Administration (SSA). Qualified individuals receive monthly benefit payments based on their incomes. SSI recipients can receive medical coverage from Medicare, which is an entitlement health-care program. To receive coverage, they need to meet the program's age and medical requirements and pay premiums and other expenses. However, there are options for SSI recipients who need help paying for Medicare coverage.
What is SSI
SSI payments are made monthly to individuals with limited financial resources. Applicants must be 65 or older, or blind or disabled. The income limits for applicants to qualify for SSI benefits vary by state. The program doesn't count all income. For example, SSA doesn't count the first $20 of most monthly incomes, the first $65 of monthly wages and half the amount over $65. Single and married individuals are also eligible for SSI payments if their resources do not exceed $2,000 and $3,000, respectively.
Medicare
Medicare is an entitlement program that provides medical coverage. Applicants must be 65 years or older, disabled or have end-stage renal failure. Medicare has four parts, but the two main ones are Parts A and B. Part A is free to all Medicare recipients who paid Medicare taxes while they worked; it covers hospice care, home health care and skilled nursing care. If members didn't pay Medicare taxes when they worked, they may still be able to purchase Part A by contacting SSA. Part B pays for doctor services, outpatient care and other services not covered by Part A. Medicare members must pay monthly premiums to be covered under Part B.
Financial Assistance
Low-income SSI recipients can receive financial assistance to pay for Medicare. There are state programs available to help SSI recipients pay premiums, deductibles and coinsurance. There is also extra help to pay for annual premiums, deductibles and co-payments for Medicare Part D, which is the drug prescription program. Contact SSA for details.
Considerations
The SSA doesn't count the values of applicants' houses or the land they're on when determining resources. SSI recipients who receive either Medicaid with prescription-drug coverage and Medicare, SSI and Medicare or have their Medicare premiums paid for by their states automatically qualify for financial assistance.
Tags: doesn count, recipients receive, Applicants must, financial assistance, medical coverage, Medicare Medicare
